[127 Pages Report] The global taste modulators market was valued at USD 994.7 million in 2017; this is projected to grow at a CAGR of 10.2% from 2018, to reach USD 1,758.7 million by 2023. The objectives of the report are to define, segment, and estimate the size of the global taste modulators market, in qualitative terms. Furthermore, the market has been segmented on the basis of type, application, and region. The report also aims to provide detailed information about the crucial factors influencing the growth of the market, strategical analysis of the micromarkets, opportunities for stakeholders, details of the competitive landscape, and profiles of the key players, with respect to their market shares and competencies.

The years considered for the study are as follows:

Base year: 2017

Estimated year: 2018

Forecast period: 20182023

Research Methodology

This research study involved the extensive use of secondary sources (which included directories and databases) such as Hoovers, Forbes, Bloomberg Businessweek, and Factiva to identify and collect information useful for this technical, market-oriented, and commercial study of the market. The primary sources that have been involved include industry experts from core and related industries and preferred suppliers, dealers, manufacturers, alliances, standards & certification organizations from companies, and organizations related to all segments of this industrys value chain. In-depth interviews have been conducted with various primary respondents such as key industry participants, subject matter experts, C-level executives of key market players, and industry consultants to obtain and verify critical qualitative and quantitative information as well as to assess future prospects. The following figure depicts the market research methodology applied in drafting this report on the market.

Company Information

The taste modulators market is projected to reach USD 1,758.7 million by 2023 from USD 1,084.2 million in 2018, growing at a CAGR of 10.2%. Increased consumer demand for reduced-calorie products while retaining the original taste of sugar and the growing awareness among consumers about the ill-effects of excessive salt intake act as factors driving the market growth.

Based on type, the taste modulators market has been segmented into sweet modulators, salt modulators, and fat modulators. The sweet modulators segment dominated the market in 2018, and this trend is expected to continue through the forecast period. The demand for sweet modulators has been growing significantly due to the increasing awareness among consumers regarding various diseases such as obesity and diabetes.

On the basis of application, the market has been segmented into food and beverages. The beverages segment dominated the global taste modulators market in 2018. Taste modulators are used in products such as sports drinks, energy drinks, beer, and whiskey. They are widely used to manufacture low-calorie beverages and enhance their taste, as consumer tastes & preferences are more inclined toward healthy drinks. The rise in the consumption of energy & sports drinks in North America and Europe is also expected to support the overall growth of the market.

North America is expected to account for the largest share of the global market through 2023, owing to the increase in consumer preference for healthy products and increase in the adoption of low-fat & low-calorie content foods. The changing consumer demand has resulted in the innovation of various taste modulators such as sweet, salt, and fat modulators by various companies. Manufacturers in the US adopt an optimized approach to manufacture taste modulators to deliver products with a range of tastes and nutritional benefits to meet the demand.

Asia Pacific is projected to be the fastest-growing region in the global taste modulators market during the forecast period, owing to an increase in the number of people suffering from diabetes and obesity.

Stringent regulations and international standards for sweet- and salt-reducing ingredients are some of the major factors restraining the growth of the market, globally. Sweeteners are subjected to rigorous health and safety checks. Various studies have been conducted by regulatory bodies to measure and assess the impact of these products on humans. European laws are stringent with artificial sweeteners, whereas US regulations favor the introduction of novel sweeteners irrespective of the origin.